BR RESEARCH
KARACHI: The rupee maintained firm trend in terms of the dollar on the local money market on Saturday in the process of trading, dealers said.
OPEN MARKET RATES: The rupee present levels in terms of the dollar for buying and selling at Rs 154.00 and Rs 154.30 respectively, they said. The rupee gained against the euro for buying and selling at Rs 172.00 and Rs 174.00 respectively.
In the final US trade, the dollar fell across the board on Friday, posting its biggest weekly loss in four years, as a sharp drop in US government bond yields hurt the greenback's appeal.
The dollar index, which measures the greenback's strength against a basket of six major currencies, was about 0.7% lower at 95.995, after slipping to a 13-month low of 95.701. For the week, the index was down 2.2%, its biggest weekly decline since early May, 2016.
Worries about the outbreak have left market fundamentals in the dust, and the 10-year note yield 10YT=RR sank to a record low. That is wiping out the yield advantage that had fuelled a popular carry globally - borrowing at negative rates in the euro and yen to buy US assets. Markets now bet the Fed will again cut rates by 50 basis points this month.
The euro was about 0.7% higher at an eight-month high of 1.1311. Against the Japanese yen, the dollar was down 0.6% at 105.49 yen, a more than six-month low.
Currency volatility gauges rose on Friday, with one-month euro-dollar implied volatility reaching its highest since November 2018.
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Open Bid Rs 154.00
Open Offer Rs 154.30
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RUPEE IN LAHORE: The Pak rupee showed stability and remained unchanged on buying side while it lost five-paisa on selling side in relation to the greenback in the local currency market on Saturday.
According to the currency dealers, the dollar resumed trading at its day earlier closing of Rs 153.75 and Rs 154.00 as its buying and selling rate, respectively. The dollar did not observe any change in its buying rate that stayed unchanged at its opening level. However, its selling rate marginally improved and ended at Rs 154.05, the dealers said.
However, the rupee remained under pressure and depreciated against the British pound. The pound’s buying and selling rate improved from the Friday closing of Rs 198.15 and Rs 199.30 to Rs 199.00 and Rs 200.00, respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 10 paisas against the rupee at the open currency markets of Islamabad and Rawalpindi here on Saturday.
The dollar opened at Rs 154.60(buying) and Rs 154.70 (selling) against last rate of Rs 154.50 (buying) and Rs 154.60 selling).
It closed at Rs 154.60 (buying) and Rs 154.70 (selling).
The buying and selling rates of one tola of gold were Rs. 96,700 (selling) and Rs 96,500 (buying) in the local Sarafa (gold) markets of twin cities of Islamabad and Rawalpindi.
